Cloud Computing: Alibaba to Launch Fund for Hong Kong Startups
February 2, 2015
Grazed from WSJ. Author: Juro Osawa.
If you are an aspiring entrepreneur in Hong Kong, there’s a new fund that may give you financial support – as long as you are setting up your business on Alibaba Group Holding’s platforms. The Chinese e-commerce giant said in a statement over the weekend that it is spending 1 billion Hong Kong dollars (US$129 million) to create the Alibaba Hong Kong Young Enterpreneurs Foundation, which provides select Hong Kong startups with funding, technical assistance and training to help them build up businesses through Alibaba platforms.
The venture investment program will likely start in the second half of this year, Alibaba said. In the long run, the nonprofit foundation could help Alibaba increase its presence outside mainland China by turning young entrepreneurs in Hong Kong into loyal Alibaba customers…
The foundation will also select 200 students every year from Hong Kong universities and offer them internship opportunities at either Alibaba or its partner firms, the company said…
Read more from the source @ http://blogs.wsj.com/digits/2015/02/02/alibaba-to-launch-fund-for-hong-kong-startups/